|Day's Range||10,194.06 - 10,310.36|
|52 Week Range||6,631.42 - 10,310.36|
Stock rose on Thursday, as investors cheered the resiliency of a U.S. economy that created nearly 5 million jobs last month in the throes of the raging coronavirus pandemic.
(Bloomberg) -- U.S. stocks pared gains on speculation that a second wave of coronavirus cases could jeopardize an economic rebound from the sharpest contraction on record.The S&P 500 came off session highs amid a plunge in trading volume ahead of a holiday on news that U.S. virus cases had the biggest increase since May 9. Earlier, Florida reported that infections and hospitalizations jumped the most ever, and Houston had a surge in intensive-care patients. The figures offset data showing payrolls increased by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month.Read: U.S. Job-Growth Optimism Tempered by Stall in States’ ReopeningsThe U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent coronavirus outbreak across the country. President Donald Trump still said the report shows the economy is “roaring back.” Massive monetary and fiscal policy stimulus helped lower borrowing costs and keep the financial system liquid in a time of stress -- while propelling the stock market higher.“There’s still a general positive sentiment about how quickly we’re seeing the recovery,” said Chris Gaffney, president of world markets at TIAA Bank. “But we do think you’re going to see the recovery level off, especially if we continue to see higher case numbers on the virus.”Investors also assessed remarks from White House Economic Adviser Larry Kudlow, who told Fox Business Network that “we are very unhappy with China” and “there are going to be export restrictions.”U.S. stocks are poised to rise this quarter if history is any guide, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. Lerner cited the S&P 500’s track record after its biggest quarterly gains since 1950 in a report Tuesday. The gains ranged from 15% to 22%, in line with last quarter’s 20% increase, according to data compiled by Bloomberg. In each case, the S&P 500 rose in the following quarter. The average advance was 8.4%.These are some of the main moves in markets:StocksThe S&P 500 gained 0.5% as of 4 p.m. New York time.The Dow Jones Industrial Average increased 0.4%.The Nasdaq Composite Index advanced 0.5%.The Stoxx Europe 600 Index added 2%.The MSCI Asia Pacific Index increased 1.7%.CurrenciesThe Bloomberg Dollar Spot Index declined 0.1%.The euro fell 0.1% to $1.124.The Japanese yen weakened 0.1% to 107.53 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 0.67%.Germany’s 10-year yield sank three basis points to -0.43%.Britain’s 10-year yield fell three basis points to 0.186%.CommoditiesThe Bloomberg Commodity Index advanced 0.7%.West Texas Intermediate crude advanced 1.2% to $40.29 a barrel.Gold increased 0.5% to $1,788.30 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The stock market kept moving upward on Thursday morning, continuing to draw optimism from hopes that the economy will be able to overcome a second wave of coronavirus cases. Many market participants pointed to today's report from the Bureau of Labor Statistics about the employment picture in the U.S. for June as evidence that things are getting better. Total nonfarm payroll employment jumped by 4.8 million in June, and that sent the unemployment rate down by 2.2 percentage points, coming in at 11.1%.
The sharp uptick shown by major American indexes at this time of global health crisis is exemplary and must be taken advantage of from an investment viewpoint.
The Zacks Analyst Blog Highlights: Ciena, United States Cellular, T-Mobile US and Nokia
The Nasdaq and the S&P 500 closed higher on Wednesday as investors focused on signs of economic recovery and better than expected economic data.
A handful of corporate behemoths has skyrocketed YTD. Some of these stocks carry a favorable Zacks Rank and have rallied more than 20% YTD.
The direction of the September E-mini Dow Jones Industrial Average on Thursday is likely to be determined by trader reaction to 25938.
The first half of 2020 was turbulent, but it was generally good to the Nasdaq stock market, and that momentum continued on the first day of July. The Nasdaq Composite (NASDAQINDEX: ^IXIC) and the Nasdaq 100 climbed around 1%, outpacing much of the rest of the market. Amgen (NASDAQ: AMGN) celebrated a valuable legal win, while Netflix (NASDAQ: NFLX) made a strategic hire and got praise from stock analysts.
The contrasting characteristics highlight the vagaries of the market and the turbulent economic conditions that appear to be the "new normal" post the virus outbreak.
We have highlighted four ETFs from various industries that were the star performers in the first half and are likely to continue their outperformance if the current trends continue.
Benchmarks closed higher on Tuesday and booked its biggest quarterly percentage gain in nearly 20 years.
With the Dow and the S&P 500 booking their best quarterly performance since 1987, one could consider stepping into the markets again with an investment perspective.
It is widely believed that the major technology companies' resilience to the coronavirus crisis has supported the tech-heavy index.
Stocks rallied into the close Tuesday to cap off the best second quarter for blue-chip equities since the S&P 500 was created in 1957.
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